McBride aims for pounds 220m
Wednesday 14 June 1995
Mike Handley, managing director of McBride, which makes toiletries and detergents for supermarkets' own labels, will make a combined paper and cash profit worth about pounds 4.5m when the company is floated on the stock market in early July.
The company expects to raise pounds 220m in new money and the listing is expected to value the company at pounds 350m. The group will be raising a further pounds 42m to repay debts. SG Warburg will act as sponsor and lead manager of the share issue.
Mr Handley bought into the company for less than pounds 200,000 when McBride was sold off by BP in May 1993. Another 115 managers have smaller stakes.
Mr Handley will receive pounds 1m from the sale of 25 per cent of his current holding in the company and after flotation he will have 1 per cent of the company - worth pounds 3.5m
Mr Handley said: "Flotation will provide the capital structure from which to achieve the continued growth of McBride."
The company said in its pathfinder prospectus yesterday that operating profit for the year ended 30 June 1995 would be up 10.3 per cent at pounds 38.5m. Turnover in the year to the end of last June was pounds 409m and the company says it will be higher this year.
McBride plans to sell 25 per cent of the shares to the public and expects to give a price range on 21 June. The issue price will be announced on 6 July and dealings will begin on 7 July.
The group's biggest customers for its range - which includes household detergent, shampoo, toothpaste and mouthwash - are the main grocery retailers such as Tesco, Sainsbury and Safeway in the UK and Leclerc and Promodes in France. The retailers sell McBride's products under own labels or as minor brands.
- 1 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 4 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
- 5 The Greece debt crisis explained in less than 100 words
Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
Greece debt crisis as it happened: EU chiefs at loggerheads hours before Alexis Tsipras’s last ditch deal proposals
Florida teacher sentenced to 22 years in prison for sexually abusing three pupils
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...